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Home Equity Basics: Chapter 3 quiz

If you think you've mastered the material in this chapter, take our quiz. After you click the ''submit'' button, the answers will appear below.

  1. Three factors determine whether a lender will offer you a home equity loan. Which of these is the correct combination?

    The desirability of your neighborhood, your credit rating and your income.
    Your credit history, your income and the loan-to-value ratio of your home.
    Your income, your creditworthiness and your outstanding debts.


  2. True or false: Home equity loans generally carry closing costs, home equity lines of credit do not.

    True
    False


  3. True or false. Only the lender has access to your credit reports.

    True
    False


-- Updated: April 1, 2006

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Home Equity Averages
Product Rate +/- Last week
$30K HELOC
4.99% 4.99%
$30K home equity loan
6.19% 6.17%
$50K HELOC
4.55% 4.52%
$75K home equity loan
5.91% 5.93%
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Don Taylorhome equity
Is your home equity lender making unreasonable demands? It might be time to tip off regulators.
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